Fairfax Financial is a Canadian holding company whose core business is P&C insurance and reinsurance. Fairfax writes over $33B in annualized gross premiums globally across property, casualty, specialty, and workers' compensation lines, serving commercial and individual customers across North America, Europe, Asia, the Middle East, and Latin America. Fairfax's insurance operations are organized into three segments: Global Insurers and Reinsurers (the largest, including Allied World, Odyssey Group, Brit, and Ki Insurance), North American Insurance (including Crum & Forster, Northbridge, and Zenith National), and International Insurance and Reinsurance (including Gulf Insurance, Fairfax Asia, and various European and Latin American operations). Fairfax earns money through two engines: underwriting profit, where premiums exceed claims and expenses, and investment income on the float, where accumulated premiums are invested before claims are paid. All investment assets are centrally managed by Hamblin Watsa Investment Counsel, a wholly-owned subsidiary, following a value-oriented philosophy across fixed income and a concentrated equity portfolio. Beyond insurance, Fairfax holds a portfolio of non-insurance businesses including Sleep Country Canada, Bauer sports equipment, and Fairfax India. A key feature of Fairfax's model is its permanent capital structure, which allows it to hold long-term positions through market dislocations without facing redemptions.